The HSBC Bank announced on Tuesday that it started to issue large-scale certificates of deposit (CDs) to individuals in Beijing, Shanghai, Guangzhou and Shenzhen, becoming the first foreign lender to do such a business in the country.
According to the bank, its first batch of CDs bears a maturity of 3 months and 12 months, with the annual interest rate standing at 1.595 percent and 2.175 percent, respectively.
The subscription threshold for individuals is 0.3 million yuan, the bank said.
Data shows that China issued overall 118.6 billion yuan worth of large-scale CDs to individual investors by the end of July.
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